Opinion & Commentary By Linda Sutter – June 8, 2023 – Cartoon Credit to B. Rich Hedgeye
In 2008 when the banks went under there was a loss of $520 billion dollars. 1 1/2 years ago 722 banks informed the Feds they had 50% of unrealized losses. They have gambled in the market and have lost big.
Currently 4 banks collapsed this year totaling 532 billion dollars. 1/2 trillion total losses for banks. Just 4 banks this year had greater losses than 2008.
Folks we are in a world of hurt. This is not depression. This is not a recession. This is an economic collapse.
If you combine this with other nations trying to get rid of the dollar in the world, especially with Cina leading this we have a big problem. So what are we going to do about it?
This is where personal finance comes in. Get yourself out of any unnecessary debt. Unnecessary debt means credit cards. Do whatever necessary to pay it off even if it means taking on a second job.
Make whatever you can while you can because it is not going to last.
The big banks within United States about 6 of them plan to buy up all the small banks. It will literally be a blood bath. The question is will we be able to rely on the FDIC when these small banks go under?
To put in perspective the FDIC is pretty much close to being out of money. Especially if the larger banks keep failing . The old saying is don’t put your eggs in one basket. You may want to have accounts in other banks as a resource if one closes you have a way to get fund’s.
We are going to experience hard times. It’s time to become frugal. That means stop eating out for every meal. Stop buying things that collect dust or look pretty. We need to go into survival mode. Store away can foods, frozen foods as this year farmers may not come through.
When can we expect to notice significant change? Late this fall . And throughout 2024